Financial close for ‘East’ half of Ohio River Bridges

Indiana has agreed on a contract with a consortium of Bilfinger and VINCI for the highly touted Ohio River Bridges Project.   

Indiana reached financial close on the ‘East End Crossing,’ its half of the multi-billion dollar Ohio River Bridges Project, according to a press release from the Indiana Department of Transportation (INDOT).
The ‘Hoosier State’ in November picked a private consortium teaming Bilfinger Project Investments (BPI) and VINCI Concessions to design, build, finance, operate and maintain the Crossing in a public-private partnership (PPP or P3).
‘WVB East End Partners,’ also including Walsh Investors, part of a family-owned contracting and construction concern from Chicago, submitted a bid priced at “$224 million less than previously estimated,” according to the Department.
INDOT said WVB is providing $78 million in private capital and $702 million through a bond offering. The East End Crossing had been predicted to cost $1.3 billion. Ohio River Bridges, a cross state venture between Indiana and Kentucky, has a total cost of $2.6 billion.
Indiana also noted WVB would be able to “mobilize construction” on the Crossing in May. Kendra York, public finance director for Indiana, boasted the “procurement…is being hailed as a model” in the US.
Indiana will disburse $392 million for the project. Kentucky, meanwhile, has pursued traditional procurement for its half of Ohio River Bridges. 
Kentucky and Indiana partnered as the Louisville Southern Indiana Bridge Authority (LSIBA) for Ohio River Bridges, hailed as a ‘mega-project’.